The Dollar has been bought across the board in the wake of the latest 50+ ISM and USD/CHF has tripped stops as it soars back into the 1.22's. The largest order removed is the most recent 1.2240 buy stop and trading has levels above 1.2250 in its sights.
IFR favour a period of consolidation with profit-taking likely to weigh into the European close as the impending FOMC Minutes are likely to weigh on the Dollar. Above the range top at 1.2300 now looms large and any re-test of this top will hold significant fundamental implications. Dealers also note option related selling into 1.2250 that may spark some talk of open interest at the price.
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